Annual Costs of Independent Agency Rulemakings


1

2	Tip of the Costberg project on the cost of federal regulation: Wayne Crews -- www.tenthousandcommandments.com
3
4	Annual Costs of Independent Agency Final Major Rules
5		Millions of 2010$, 2009-2014; 2015$ in 2015
6		Indep agency subset for which annualized costs are quantified
7		Startup costs not included
8
9	Federal Reserve System, et al.
10	2010
11	-Electronic Fund Transfers			$10.90	October 2009
12
13	Federal Reserve System, Dept. of Treasury, Office of Thrift Supervision
14	and National Credit Union Administration
15	2009
16	-Unfair or Deceptive Acts or Practices			$191.00	January 2009
17
18	Federal Reserve System & Federal Trade Commission
19	2010
20	-Fair Credit Reporting Risk-Based Pricing Regulations			$252.10	January 2010
21
22	Federal Reserve System, Dept. of Treasury Comptroller of Currency, Federal Deposit Insurance Corporation
23	2014
24	-Regulatory Capital Rules: Regulatory Capital, Enhanced Supplementary
25	Leverage Ration Standards for Certain Bank Holding Companies and Their
26	Subsidiary Insured Depository Institutions			$553.80	5/1/2014
27	-Regulatory Capital Rules: Regulatory Capital, Revisions to the Supplementary
28	Leverage Ratio			$72.10	9/26/2014
29	-Liquidity Coverage Ration: Liquidity Risk Measurement Standards			$2,500.00	10/10/2014
30
31	Federal Reserve System, Dept. of Treasury Comptroller of Currency, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, Securities and Exchange Commission, Department of Housing and Urban Development
32	-Credit Risk Retention			$2.30	12/24/2014
33
34	2015
35	Federal Reserve System, Dept. of Treasury, Federal Deposit Insurance
36	Corporation, Farm Credit Administration, National Credit Union Admin.
37	-Loans in Areas Having Special Flood Hazards			$21.20	7/21/2015
38
39	Office of Comptroller of the Currency, Federal Reserve System, Department
40	of the Treasury, Federal Deposit Insurance Corporation, Farm Credit Admin.,
41	Federal Housing Finance Agency
42	-Margin and Capital Requirements for Covered Swap Entities			$4,700.00	November 2015
43
44		Federal Reserve, et. al. total:	$8,303
45	Securities & Exchange Commission
46	2009
47	-Indexed Annuities and Certain Other Insurance Contracts			$82.50	January 2009
48	-Enhanced Disclosure and New Prospectus Delivery Option			$149.00	January 2009
49	-Amendments to Rules for Nationally Recognized Statistical Rating Organizations			$15.80	February 2009
50	-Interactive Data to Improve Financial Reporting			$284.00	February 2009
51	-Amendments to Rules for Nationally Recognized Statistical Rating Organizations			$35.00	December 2009
52	Proxy Disclosure Enhancements			$87.00	December 2009
53	2010
54	Amendments to Rules for Nationally Recognized Statisical Rating Organizations			$34.90	December 2009
55	-Proxy Disclosure Enhancements			$66.50	December 2009
56	-Custody of Funds or Securities of Clients by Investment Advisers			$125.10	January 2010
57	-Money Market Fund Reform			$60.20	March 2010
58	-Amendments to Regulation SHO			$1,200.00	March 2010
59	-Political Contributions by Certain Investment Advisers			$85.10	July 2010
60	-Amendments to Form ADV			$20.50	August 2010
61	-Facilitating Shareholder Director Nominations			$8.00	September 2010
62	2011
63	-Reporting of Security-Based Swap Transaction Data			$50.30	October 2010
64	-Risk Management Contols for Brokers or Dealers with Market Access			$112.90	November 2010
65	-Issuer Review of Assets in Offerings of Asset-Backed Securities			$8.40	January 2011
66	-Disclosure for Asset-Backed Securities Required by Sec. 943 of Dodd-Frank			$2.20	January 2011
67	-Shareholder Approval of Exec Compensation and Golden Parachute Comp.			$7.80	February 2011
68	-Rules Implementing Amendments to Investment Advisers Act of 1940			$0.90	July 2011
69	-Large Trader Reporting			$18.00	August 2011
70	2012
71	-Reporting by Investment Advisers to to Private Funds and Certain Commodity
72	-Pool Operators and Commodity Trading Advisors on form PF			$59.30	November 2011
73	-Conflict Minerals			$392.60	September 2012
74	-Disclosure of Payments by Resource Extraction Issuers			288.6	September 2012
75	2013
76	-Broker-Dealer Reports			124.7	August 2013
77	-Financial Responsibility Reports for Broker-Dealers			532.8	August 2013
78	-Registration of Municipal Advisors			11.2	November 2013
79	2014
80	-Application of "Security-Based Swap Dealer" and "Major Security-Based Swap
81	Participant" Definitions to Cross-Border Security-Based Swap Activities			$1.10	7/9/2014
82	-Money Market Fund Reform: Amendments to Form PF			$54.30	8/14/2014
83	-Nationally Recognized Statistical Rating Organizations			0.726	9/15/2014
84	-Asset-Backed Securities Disclosure and Registration			54.5	9/24/2014
85	-Regulation Systems Compliance and Integrity			130.5	12/5/2014
86	2015
87	Regulations SBSR--Reporting and Dissemination of Security-Based Swap
88	Information			374	3/19/2015
89	-Registration Process for Security-Based Swap Dealers and Major Security-Based
90	Swap Participants			0.1	8/14/2015
91	-Pay Ratio Disclosure			536	8/18/2015
92
93
94		SEC total:	$5,014.5
95	Bureau of Consumer Financial Protection
96	2013
97	-Mortgage Servicing Rules Under the RESPRA			$4.60	February 2013
98	-Mortgage Servicing Rules Under the Truth In Lending Act			$5.40	February 2013
99	2015
100	-Home Mortgage Disclosure (Regulation C)			$34.10	10/28/2015
101
102		CFPB total:	$44
103
104	Commodity Futures Trading Commission
105	2011
106	-Swap Data Repositories: Registration Standards, Duties and Core Principles			$60.80	September 2011
107	2012
108	-Derivatives Clearing Organization General Provisions and Core Principles			$5.70	November 2011
109	-Swap Data Recordkeeping and Reporting Requirements			$1,100.00	January 2012
110	-Position Limits for Futures and Swaps			$96.40	November 2011
111	-Swap Dealer and Major Swap Participant Recordkeeping, Reporting, and Duties Rules; Futures and Commission Merchant and Introducing Broker Conflicts of Interest Rules; and Chief Compliance Officer Rules for Swap Dealers, Major Swap Participants, and Futures Commission Merchants			$171.70	April 2012
112	-Further Definition of ‘Swap Dealer,’ ‘Security-Based Swap Dealer,’ ‘Major Swap Participant,’ ‘Major Security-Based Swap Participant’ and ‘Eligible Contract Participant’			$8.56	May 2012
113	2015
114	-Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap
115	Participants			$1,100.00	January 2016
116		CFTC total:	$2,543.16
117	Equal Employment Opportunity Commission
118	2011
119	-Regulations to Implement the Equal Employment Provisions of
120	the Americans with Disabilities Act, As Amended			$121.50	March 2011
121
122	Consumer Product Safety Commission
123	2012
124	-Testing and Labeling Pertaining to Product Certification			$192.90	November 2011
125
126	Nuclear Regulatory Commission
127	2009
128	-Power Reactor Security Requirements			$38.65	March 2009
129	2013
130	-Physical Protection of Byproduct Material			$17.60	March 2013
131		NRC total:	$56.25
132
133	TOTAL		Annual costs:	$16,275.84
134	Source: Compiled from Governmental Accountability Office via Heritage Foundation report series Red Tape Rising: (8) James L. Gattuso and Diane Katz, "Red Tape Rising 2016: Obama Regs Top $100 Billion Annually," Heritage Foundation Backgrounder No. 3127, May 23, 2016. http://www.heritage.org/research/reports/2016/05/red-tape-rising-2016-obama-regs-top-100-billion-annually. (7) James L. Gattuso and Diane Katz, "Red Tape Rising: Six Years of Escalating Regulation Under Obama," Heritage Foundation Backgrounder No. 3015, May 11, 2015. http://thf_media.s3.amazonaws.com/2015/pdf/BG3015.pdf. (6) James L. Gattuso and Diane Katz, "Red Tape Rising: Five Years of Regulatory Expansion," Heritage Foundation Backgrounder No. 2895, March 26, 2014. http://thf_media.s3.amazonaws.com/2014/pdf/BG2895.pdf; (5) James L. Gattuso and Diane Katz, "Red Tape Rising: Regulation in Obama's First Term," Heritage Foundation Backgrounder No. 2793, May 2, 2013. http://thf_media.s3.amazonaws.com/2013/pdf/bg2793.pdf; (4) James L. Gattuso and Diane Katz, "Red Tape Rising: Obama-Era Regulation at the Three-Year Mark," Heritage Foundation Backgrounder No. 2663, March 13, 2012. https://thf_media.s3.amazonaws.com/2012/pdf/bg2663.pdf (3) James Gattuso and Diane Katz, "Red Tape Rising: A 2011 Mid-Year Report on Regulation," Heritage Foundation Backgrounder No. 2586, July 25, 2011. http://thf_media.s3.amazonaws.com/2011/pdf/bg2586.pdf (2) James L. Gattuso, Diane Katz, and Stephen A. Keen, "Red Tape Rising: Obama’s Torrent of New Regulation," Heritage Foundation Backgrounder No. 2482. October 26, 2010. http://thf_media.s3.amazonaws.com/2010/pdf/bg2482.pdf (1) James Gattuso and Stephen Keen, "Red Tape Rising: Regulation in the Obama Era," Heritage Foundation Backgrounder No. 2394, March 31, 2010. http://thf_media.s3.amazonaws.com/2010/pdf/bg_2394.pdf
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